Plato Investment Management Ltd Lowers Position in Elevance Health, Inc. (NYSE:ELV)

Plato Investment Management Ltd cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 11.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,637 shares of the company’s stock after selling 753 shares during the quarter. Plato Investment Management Ltd’s holdings in Elevance Health were worth $2,087,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Raelipskie Partnership purchased a new position in shares of Elevance Health during the 3rd quarter worth $26,000. Crews Bank & Trust purchased a new position in shares of Elevance Health during the 4th quarter worth $34,000. Dunhill Financial LLC grew its holdings in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. Peterson Financial Group Inc. purchased a new position in shares of Elevance Health during the 3rd quarter worth $44,000. Finally, Financial Perspectives Inc purchased a new position in shares of Elevance Health during the 4th quarter worth $50,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Price Performance

ELV stock opened at $395.63 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The firm has a market capitalization of $89.95 billion, a P/E ratio of 15.45, a P/E/G ratio of 1.18 and a beta of 0.83. The business’s 50-day moving average is $388.27 and its two-hundred day moving average is $437.33.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is 26.71%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Truist Financial lowered their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a report on Saturday. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Finally, Barclays raised their target price on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $517.03.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.